Thursday, 10 December 2009

Achieving stable mining policies, 2nd Edition

"The long-term outlook for copper mining in Zambia is still very uncertain despite assurances by the government. Investors don't have sufficient confidence...To restore investor confidence, there is need to look at the laws, and that we haven't done yet... We still have people saying that when I come into power, I will chuck that one out ... investors are very sensitive to that..."

Its not just looking at the laws that matter, but how we look at the laws. I have previously noted that the current mining policy is doing nothing for building a lasting environment for growth because it has no full buy-in of all Zambians. Lack of consultation and unilateralism is hurting our country. We talk about "rule of law", but in my view right now there's no rule of law to break because government has acted without the people in this area. As long as that continue every government that comes along will constantly alter its mining policies because we lack transparency. We need a Zambian solution, not an MMD or PF-UPND solution. Mr Bantubonse and his friends have to realise its in their long term interests to push for transparency - deals made under the table are not sustainable. The approach should be consultative and transparent.

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